Housing affordability has emerged as a critical issue for voters in the upcoming presidential election, with millions of Americans unable to purchase homes or find suitable rental accommodations. A significant factor contributing to this crisis is the lack of available homes, with estimates suggesting a shortfall of between 1 million and 4 million properties. This shortage has led to bidding wars, driving the median sales price of previously occupied homes to an all-time high of $426,900 in June, despite a slump in home sales lasting over two years. Higher mortgage rates, which peaked at nearly 8% late last year and currently stand at 6.44%, have further sidelined potential buyers.

In response to these challenges, Vice President Kamala Harris and former President Donald Trump have proposed plans aimed at making housing more accessible. Harris has outlined a roadmap to enhance affordable housing options, including a proposal for first-time homebuyers to receive up to $25,000 in down payment assistance and tax incentives for builders. She claims her policies could create 3 million new housing units over four years. Conversely, Trump suggests tax incentives for homebuyers and the reduction of regulations on construction, though his campaign lacks detailed plans.

While both candidates acknowledge the need to ease zoning laws and utilize federal land for housing, their proposed solutions may not address the underlying issues. Economists point out that high interest rates and increased demand during the pandemic are major contributors to rising housing costs, not immigration, as Trump has suggested. Experts warn that introducing buyer incentives in a tight housing market could further inflate prices, complicating the affordability problem.

Overall, while both Harris and Trump offer some potentially beneficial ideas, experts caution that the housing market's long-standing challenges require more comprehensive solutions beyond election proposals.